This is a regards to the press release by RBI today (5th of april 18) as stsrted in the press release RBI has disallowed any institution registerd and reguleted by them (BANKS) to work with any individual or business entities dealing with cryptocurrencies.
ABOVE MENTIONED INSTITUTION ALREADY WORKING WITH SUCH INDIVIDUALS OR BUSINESS ENTITIES HAVE A TIMELINE OF 3 MONTHS TO CREASE SUPPORT.
As thing stand this is nothing new, most of the indian Crypto Exchanges do not have banking as most banks have already withdrawn from cryptio releted transactions since months ,
some exchanges are working with a couple of banks and most are working with third party payment gateways. While it should we noted thant the paymentgateway also rely on banks to settle payments.
THERE IS NO BAN ON BITCOIN IN INDIA
